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ENL is back from the brink, churns out Rs1.6 billion in profit

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ENL is back from the brink, churns out Rs1.6 billion in profit

The ENL Group is profitable again: After posting a loss of around Rs 1 billion last year, ENL’s revenue from continuing operations shot up 39% and the Group returned to profitability after two years affected by the COVID-19 pandemic.

It has posted profit after tax of Rs 1.6 billion for the year ended 30 June 2022.

According to ENL’s latest financial statements available at the Stock Exchange of Mauritius, ENL’s associated company, New Mauritius Hotels, registered a profit for the year compared with losses of Rs 3.13 billion last year. Segment profit amounted to Rs 369 million as against a loss of Rs 2.52 billion in 2021.

Its agro-industry segment benefitted from higher sugar prices and a marked improvement in remuneration for bagasse.

The associated company, Eclosia, also performed better and the segment posted a profit after tax of Rs 79 million compared with a loss of Rs 35 million last year.

Its Commerce and industry realised a good performance despite challenges in the supply chain which persisted for the whole year. Revenue reached nearly Rs 5 billion with profits after tax increasing by 66% to Rs 240 million.

All the subsidiaries operating within the segment were profitable; worthy of note was the performance of Ensport which operates the Decathlon franchise and contributed positively to profits for its first full year of operations.

The performance of the Logistics segment was boosted by its overseas operations which contributed around 50% to both revenue and profits. The increased revenue and profitability were driven mainly by a significant increase in freight forwarding activities both locally and overseas. Segment profit after tax from continuing operations thus increased by 39% to Rs 221 million.

Fintech posted increases of 20% and 10% in revenue and profit after tax respectively. The removal of the Mauritian jurisdiction from the EU’s list of high-risk third countries put an end to the uncertainty surrounding the Mauritius International Financial Centre and impacted operations positively.

This, coupled with the better performance of associate Swan, resulted in a profit after tax of Rs 280 million.

Revenue for its real estate segment increased by 33% but profit after tax decreased due to lower fair value gains and the Group’s land contribution for the construction of the new Verdun interchange.

OUTLOOK
The Group said its results for the first two months have grown in line with anticipations and this is expected to continue for the coming year.

“However the prevailing international uncertainties are a cause for concern and could impact the Group’s performance,” it said.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.